Suncorp Announces Rate Increase

If you have a Suncorp Bank home loan, it's about to get more expensive.

The Suncorp have today announced an interest rate increase of 0.17% for ALL variable rate loan products effective from Friday 14th September 2018.

The announced increase is higher than Westpac Group's announced increase of 0.14% earlier in the week.

On an averaged size mortgage of $400,000 that's an increase of almost $400 a year.

In an industry release the Suncorp said "We acknowledge that any increase to rates will impact our home loan customers' cost of living, however our savings customers, many of whom are retirees, have been supported by favourable deposit rates over recent months"

"We're committed to reviewing home loan rates should there be a sustained improvement in funding costs."

At the start of August the lender announced net profit of $1.1 billion for the year.

Do you have a Suncorp home loan? Is a rate increase fair enough?

Are you now paying too much?

Time to review your home loan - get in contact with us for our free service that reviews your current home loans and identifies if you can get a better deal.